In today’s technologically advanced world, data breaches have become commonplace. From large corporations to small businesses, no one is safe from the unethical practices of hackers who are constantly on the lookout for ways to infiltrate companies in order to steal valuable customer information.
If your company conducts business online, you should ensure that your payment gateway is more secure and encrypted so that customers can rely on it. Payment risk management can help you avoid online payment fraud and protect your financial data.
The rise of these data breaches has only made customers more cautious when transacting online for fear of being hacked, which has a negative impact on businesses. When a transaction occurs on the bitcoin prime trading platform, sensitive customer data such as credit card details, social security numbers, or any other valuable personal information is transferred and stored through the merchant’s payment gateway.
One can only imagine the ramifications of such raw data falling into the hands of the wrong person. Its consequences affect not only customers but also businesses.
As a result, significant steps have been taken to provide additional security and safe payment options to customers. Among these are 3D Secure Payment Gateway solutions for merchants:
How the 3D Secure Payment Gateway Operates:
Three important parties are required to complete the entire secure process on a 3D or 3-Domain Server. These parties are the Merchant, the Acquirer, and the Issuer of the card.
The Merchant is the entity that transacts online and is in charge of keeping customers’ information secure. The Acquirer is a third-party entity that assists businesses in accepting online payments. The Issuer is a person or company that issues credit cards to its customers.
To complete the 3D Secure payment process, the following steps must be taken:
1. The merchant develops a 3D Secure application and associates the card with it.
2. The acquirer verifies the customer’s payment information, and if it is correct, it forwards it to the issuer for authorization.
3. The issuer verifies that the merchant’s information is correct and, if so, authorizes a charge on the card.
4. The merchant receives charge authorization and sends an authorization code to the acquirer, who then forwards it to the customer.
5. At checkout, the customer enters the authorization code and completes payment.
6. Acquirer receives payment details from the customer and, if appropriate, forwards them to Issuer for transaction completion.
When a 3D Secure payment transaction is completed, it redirects to a payment gateway, which initiates an authentication process using the 3D Secure model. The Issuer domain (the bank that issued the card used for the transaction), the Acquirer domain (the merchant or bank that receives the payment), and the Interoperability domain are all part of this model (Card network used such as Visa or MasterCard).
In order to confirm the cardholder’s identity, the buyer must enter a passcode. The payment is complete once it has been accepted and verified.
Benefits of a Secure Payment Gateway for Merchants:
Every company must consider its customers first and foremost. Customers value their safety above all else. Most shoppers avoid completing the checkout process and eventually abandon the cart due to the lack of security for their sensitive data.
Even just a guaranteed confirmation of the safety of their personal information can persuade customers to proceed with their transactions via the 3D Secure payment gateway that is available.
Another significant advantage for businesses in this case is the ability to detect and reduce the number of chargebacks that occur through disputed or fraudulent means. You will no longer be held liable if a customer denies making a purchase that has been verified correctly. In the long run, it also means customer loyalty and trust for the company.
High-Risk businesses, in particular, can benefit from 3D secure payment gateways because their main barrier to maintaining a High-Risk Merchant Account is the increasing risk of chargebacks that they are prone to.
